Oil prices and world real GDP, 1920–2022. Note: Oil prices in the period 1920–1944 are presented on average in the USA, in the period 1945–1983 — for Arabian light oil (Ras-Tannura), in the period 1984–2022 — for Brent oil. Source: Compiled by the authors using data from BP (2022), IEA (2020), IMF (2022).